National Estate Planning Awareness Week was created to raise public awareness about the importance of proper planning and to dispel common myths. These myths include several that I have addressed in past articles, such as “Trusts are Only for Rich People” and “A Will is All You Need.” This year, National Estate Planning Awareness Week runs from October 17th through October 23rd.
The fact is, virtually everyone can benefit from having a customized estate plan. Depending on your particular needs and goals, an estate plan can help you accomplish all of the following and more:
- Give what you want, to whom you want, when you want, in the manner you want
- Name the person or people you want to make financial and health care decisions on your behalf if you become incapacitated and are no longer able to make these decisions on your own
- Name guardians for your adult disabled children
- Help ensure you receive the long-term care you need in the event of incapacity
- Protect your life savings against the high cost of long-term care
- Reside in your home, as opposed to a nursing home, for as long as possible
- Provide instructions on how you wish to be cared for at end-of-life
- Help your loved ones avoid the frustration, delays, and expense of probating your estate
- Minimize disputes between family members over “who gets what”
- Reduce or eliminate estate taxes
- Leave a lasting legacy
You can learn more about estate planning by exploring my website, reading my articles, or—best of all—speaking with me in person about it. As always, I’m here to help any way I can.
Until next time, take care….